Xingye Technology reported in its investor relations activity record that the company is committed to becoming a one-stop leather material supplier. In the past few years, it has made some reforms with market changes, and it achieved certain results in 2021, according to the Securities Times.
In 2021, the sales of the company’s electronic covered leather products will reach 15 million. The paper reports that the company has entered the field of automotive interior materials through the acquisition and capital increase of Hongxing Automotive Leather. The company will help Hongxing Auto expand its production capacity. Expectations are that by the second half of this year, the monthly output of Hongxing Auto’s leather will double and the annual output is expected to exceed 30 million square feet.
In the past, the company mainly used the top layer of cowhide and the split was directly sold as leftovers. The company invested in Baotai Leather to further explore the value of cowhide splits and entered the supply field of pet toys, cosmetics, food additives and other industrial chains.